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2012-11-29
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: president obama and congress begin negotiations this week to avoid are the coming fiscal cliff, about $6 billion in tax hikes and spending cuts that will kick in. both sides say they're looking for ways to compromise. >> that's what it's about, if regan and o'neill can do it, obama should be able to do it. >> reporter: but republicans have consistently voted against any deal that raises tax revenue. >> the key is whether or not the republicans will move away from the id logically rigid tradition which was the grove pledge that they will not go for additional revenue. >> reporter: for the first time the antitax pledge seems to be negotiable. >> when you're $16 trillion in debt, the only pledge we should be making to each other is to avoid the coming grief and republicans should put revenue on the table. >> reporter: but new revenue doesn't necessarily mean new taxes. >> i would be very much opposed to raising tax rates, but i believe we can close a lot of loopholes. >> reporter: and democrats say just closing loopholes and cutting deductions isn't enough. >> we have to raise additional re

up. ♪ the president and congress remain far apart on how to resolve the fiscal cliff. we are looking at what may be a federal government disaster. guess what, the governments are in no better shape. that's tonight's "chalk talk." triple digit gains on wall street today. the dow jones industrial rally after the speaker of the house speaks. will a drawn-out fiscal clip negotiation change in the streets direction? wall street veteran and bedford of adviser ceo joins us next. what's next? he's going to apply testosterone to his underarm. axiron, the only underarm treatment for low t, can restore testosterone levels back to normal in most men. axiron is not for use in women or anyone younger than 18. axiron can transfer to others through direct contact. women, especially those who are or who may become pregnant, and children should avoid contact where axiron is applied as unexpected signs of puberty in children or changes report these signs and sptoms to youdoctor if they occur. tell your doctor about all medical conditions and medications. do not use if you have prostate or bast cancer.

to avoid the so-called "fiscal cliff" looming at the end of the year. this week, a group of christian leaders urged congress and the president not to cut anti-poverty programs as they struggle to reach a deal. in an open letter, the leaders said "we pray during this season, in which we give thanks and offer gifts, that you will advance policies that protect the poor, not ones that make them poorer." >>> meanwhile, a prominent christian advocacy group said while some progress has been made in fighting hunger and poverty worldwide, much more needs to be done. in its annual report, bread for the world called for a renewed push in meeting a series of international goals, including a pledge to cut poverty and hunger in half by the year 2015. the group said in order for those goals to be met, there will need to be continued strong support from the u.s. >>> when the newly-elected congress is sworn in in january, it will be more religiously diverse than ever. the 113th congress will still have a protestant majority, but for the first time, it will include a hindu representative, a buddhist se

," as if congress neededre raises new alarms about the fiscal cliff. >>> when we come back, we'll huddle around the water cooler. >> oh, my lord. >> what is going on with the lab coat? >> let me read this. a helpful crash course on preparing your turkey. >> all that when "way too early" returns. my insurance rates are probably gonna double. but, dad, you've got... [ voice of dennis ] allstate. with accident forgiveness, they guarantee your rates won't go up just because of an accident. smart kid. [ voice of dennis ] indeed. are you in good hands? >>> all right. this is where we say enough with the real news, let's send it ov over. what is lewis wearing? >> will you learn how to cook turkey today. he's a gentle creature with frail hands, frail bone structure. as you talk about slaughtering turkeys this weekend, i think turkeys have much more of a masculine bone structure. >> take it away. >> it's time to gather around the water cooler. president obama pardoned some turkeys. peta has objected to the pardon saying -- >> what are you wearing? >> it's more like a chef's coat. >> really? you look lik

and now we have the fiscal cliff issue that is facing congress and i think it's a real open question about whether we're going to have a politically induced recession. we're 40, 50 days away. you see a lot of turbulence in the markets over the next months but this is a political crisis that is going to be bring about an economic crisis if it doesn't get solved. but for the entire history of the country people do profoundly disagree with each other, have been and sometimes don't like each other very much have been able to sit across from each other and do the business of the american people. and that's what the moment requires now. on the question of screaming at each other we should understand that there are tremendous market incentives for people to go on tv and attack each other and insult each other verbally and you make a lot of money doing that. for the most part, moderate reasonable voices aren't rewarded with media platforms in the country anymore. and you see a tone and i think that this is a larger cultural issue. it manifests itself in politics but i don't think politics drives i

. will the white house and congress finally see eye to eye on the fiscal cliff? we're just over 24 hours from the start of bargaining time. power and protest. furious demonstrators take to tahrir square in cairo, as egypt's new president rewrites the rules. >> the crowds are rowdy, rough, and down right rude, and the holiday shopping season has only just begun. >>> good morning, everyone. i'm radi kaye. it's 8:00. from maine to florida, millions of people are heading home as the thanksgiving holiday is wrapping up. today is usually one of the busiest travel days of the year, but so far it has been surprisingly quiet. cnn national correspondent suzanne candiotti is in new york hanging out with a few travellers this morning. suzanne, good morning to you. so i guess it's still pretty early in the day, but it should probably get pretty busy there later on. >> oh, it probably will pick up, but the best news of the day at this hour, anyway, is that there are virtually no backups to check in and no lines at security. there was a little flurry of activity earlier this morning, but now it's practicall

three weeks left before the fiscal cliff, the clock is ticking for president obama and congress. >> the clerk will read the communication. >> reporter: lawmakers are back at work and under the deadline pressure. >> we can solve the greatest economic emergency facing the nation today. >> reporter: white house economist say without a deal to avoid the fiscal cliff, americans may start closing their wallets during the critical holiday shopping season. and curb their spending well into next year. >> they think that it is important that congress extends the middle class tax cuts without delay, without drama. and it is because it will help to maintain the increase in the consumer confidence that we have seen. >> reporter: both sides say they are ready to compromise to avoid the nearly $600 billion in tax hikes and mandatory spending cuts, scheduled to kick in on january 1. but the taxes, they remain the sticking point. republicans and congress, they have been long opposed to any tax increases, but the gop lawmakers say that they are open to raising more revenues through the tax ref

a say as congress and the white house talk about the fiscal cliff? caller: the whole thing about the matter is, the states have their own problems. they need to handle their own problems. do you know what i am saying? they need to let the president -- he is the president of the united states of america. he needs to get over saying he is not this and he is not that. host: it is also the congress that has an influence a role in this. should the states trust congress to strike the deal with the president? caller: they need to get their butts out of their tails -- host: let's move onto michael on twitter. rick joins us from pittsburgh, a missouri and the democrats' line. caller: hello. it is vick. good morning. it has been awhile since i talked to c-span. my concern is this. i voted for obama two times. i am a white man, 58 years old. i have been -- this is the bottom line. there is racism still underlying current. they need to get over the problem and accept the fact that the white man has lost and it is now a totally multiracial nation. host: what does that have to do with the fisc

the fiscal cliff. that's because benefits are due to expire december 29th unless congress extends them. >>> well, texas city leaders are asking for advanced warning in the event same-sex becomes formally legalized. this coming friday, the u.s. court will decide whether to review the challenge to prop 8. california's voter apressured ban on gay marriage. now, if the high court refusing to -- refuses to hear the case, the earlier ruling would make same-sex marriage legal in california. if that happens, they would need at least 24 hours to prepare for a flood of marriage license requests. >>> andre ward will defend his titles in two months. the super middleweight champ will fight his opponent in los angeles on january 27th. he defeated dawson in the oracle arena in september. he's undefeated since winning gold at the 2004 summer olympics. >>> oakland as players are donating some of their playoff money to charity. they have decided to give away one share worth more than $34,000. their donation will be split between several charities, including big brothers and big sisters and the united wa

not reform taxes and avoid the "fiscal cliff" that's scheduled at the end of the year, your tax bill could rise by the thousands. in years past, congress exempted most middle class and low-income families from something called the alternative minimum tax. if they don't renew that exemption, a family with two children making $90,000 a year could owe an extra $3,000 in taxes. >> we are going to see a lot of everyday people get caught. >> reporter: also on the chopping block a tuition credit for parents who have kids in college. in certain brackets if you have two students paying tuition you could lose a $5,000 credit. that's five grand out of your spending money. >> plan for difficult times because the taxes will go up and so what do you do? if you are spending every dollar that you're making right now and your taxes go up, do you go in debt or do you adjust what you're spending? >> reporter: grace lee, cbs 5. >> comings has until the end of the year to solve the probable -- congress has until the end of the year to solve the problems but uncertainty is affecting almost everybody. >> wall st

fiscal cliff. the president said he hopes to have an agreement by christmas.k0ydx he's urging the public to pressure the congress through social media on twitter. >>> bay area small business owner met with the president yesterday to talk about this fiscal cliff, aurora is co-founder of an urban mushroom farm in oakland the farm was featured recently in "the chew." >>> congresswoman spwaoer introduced what she is calling her stop harming our kids resolution this morning on capitol hill. aimed at protecting minors from sexual orientation near i. the treatment -- therapy. critics call it junk science amountinging to psychological abuse. california is ahead of curve. governor brown signed a bill last month banning gay conversion therapy for minors. >>> supreme court is set to announce next week whether it will let prop 8 -- this morning -- [ unintelligible ] >>> still ahead, coverage of the storm continues, lisa argen will tell us next the -- when the next wave will hit. >>> here's a look from i-80 heavy rain east bay, break in the north bay, gusty winds and wind advisory next one to talk ab

mayer talking about ways to avoid that year end fiscal cliff. the president said he hopes to have an agreement by christmas.k0ydx he's urging the public to pressure the congress through social media on twitter. >>> bay area small business owner met with the president yesterday to talk about this fiscal cliff, aurora is co-founder of an urban mushroom farm in oakland the farm was featured recently in "the chew." >>> congresswoman spwaoer introduced what she is calling her stop harming our kids resolution this morning on capitol hill. aimed at protecting minors from sexual orientation near i. the treatment -- therapy. critics call it junk science amountinging to psychological abuse. california is ahead of curve. governor brown signed a bill last month banning gay conversion therapy for minors. >>> supreme court is set to announce next week whether it will let prop 8 -- this morning -- [ unintelligible ] >>> still ahead, coverage of the storm continues, lisa argen will tell us next the -- when the next wave will hit. >>> here's a look from i-80 heavy rain east bay, break in the north

and the white house have just 37 days left to reach a budget deal or risk falling off the fiscal cliff and triggering massive spending cuts and tax hikes. cnn's athena jones reports on a possible turning point in the negotiations. >> reporter: members of congress expressed optimism sunday about the prospects for reaching a deal to avoid the fiscal cliff. a series of tax increases and spending cuts next year that could do serious damage to the economy. they also sounded warnings. >> we can and must get an agreement, otherwise, i think first of all the markets are going to start reacting. >> it's not a done deal and it's not a certainty. if congress does nothing, which congress has gotten pretty good at doing these days, we'll go over the fiscal cliff. >> reporter: staffers have been working behind the scenes to find common ground to prevent across the board cuts lawmakers say should concern everyone. >> you should be worried, we all ought to be worried whether we are dependent upon other aspects of the federal budget, whether we're worried about the the regulation of food safety, about

members of congress to avertthe fiscal cliff has caused investors to run for the hills. take a look at the s&p 500 over the past 5 weeks. it probably resembles some of your investments, by the way. we don't know what is included in a deal to raise revenue instead of tax rates. but it's giving investors the heebie-jeebies. what are they worried about? they have a lot to do, the concerns have a lot to do with the expiration of the bush tax cuts, which could be painful for investors. capital gains taxes rise from 15% to 20% for most people who file taxes. taxes on dividends rise from 15% to your top income tax rate, which could be, depending on how much you earn, as much as $39.5%. given a lot of people rely on those for their income, it's no surprise to see some of the highest dividend yielding stocks get slammed in the past few weeks. as i have been saying, today, if we can get past this fiscal cliff standoff, there are going to be a lot of opportunities for b businesses to blossom and investors to make money. even if there are higher taxes on the horizon. mike is the chairman of hol

and consumers. it states if congress fails to avert the fiscal cliff, taxes would rise by $2,200 for 98% of americans. the president wants democrats and republicans to agree on renewing tax cuts to give families and business morse certainty about the economy. but he wants those with incomes over $250,000 a year to pay a little more in taxes as we all know. which has been a sticking point with the gop. but now some republican lawmakers who earlier pledged to not vote for anything with a tax increase now appear ready to relink wish that pledge in order to avoid the looping fiscal crisis. >> i would be very much opposed to raising tax rates, but i do believe we can close a lot of loopholes. >> they have to go up either real tax rates or effective tax rates. there is ways of doing that. secondly, though, we've got to close significant loopholes. >> bottom line, getting back to the report, the president is asking congress it act now specs tend the tax cuts for the middle class. they say the holiday season is not a time to threaten middle class pocketbooks. back to you. >> steve: thanks very

an agreement of tax increases and spending cuts in the so-called fiscal cliff. without a deal the fiscal cliff could trigger a recession next year and congress must act by january 1st in order to avoid that automatic tax increase and spending cuts. >>> time is 6:15. a new stumbling block for hillary clinton's chances to reach a middle east cease fire. a bus explosion in tel aviv. alison burns is live in our washington, d.c. newsroom. alison. >> reporter: dave, we received a statement from the white house within the past hour calling the attack on innocent civilians outrageous. israelis say it was a terrorist attack the bus bombing in tel aviv hurt at least 18 people. three seriously. hamas praised the attack but did not claim responsibility. secretary of state hillary clinton who is in egypt at this hour also issued a statement saying the u.s. strongly condemns the attack and ready to provide any assistance that israel requires. secretary clinton is is calling for a truth and longer term agreement. >> the goal must be a durable outcome that promotes regional -- >> reporter: prior to the bus b

. president obama and congress begin negotiations this week to avoid the coming fiscal cliff. about $600 billion in automatic tax hikes and spending cuts that will kick in at year-end. both sides say they're looking for ways to compromise. >> that's what representative government should be about. no one gets all they want. if reagan and o'neill could do it, boehner and obama should be able to do it. >> reporter: but republicans have consistently voted against any deal that raises tax revenue. >> the key here is whether or not the republicans will move away from the ideologically rigid position which has been the grover/norquist pledge which most of them signed that they will not go for additional revenues. >> reporter: for the first time, even the anti-tax pledge appears to be negotiable. several republicans are indicating they're open to breaking that promise. >> when you're $16 trillion in debt, the only pledge we should be making to each other is to avoid becoming greece and republicans should put revenue on the table. >> reporter: but new revenue doesn't necessarily mean new taxes. >

and benefits alone in the fiscal cliff costs. they've suffered more than private workers? we do the math, you decide. can i help you? i heard you guys can ship ground for less than the ups store. that's right. i've learned the only way to get a holiday deal is to camp out. you know we've been open all night. is this a trick to get my spot? [ male announcer ] break from the holiday stress. save on ground shipping at fedex office. we don't let frequent heartburn come between us and what we love. so if you're one of them people who gets heartburn and then treats day afr day... block the acid with prilosec otc and don't get heartburn in the first place! [ male announcer ] e pill eachmorning. 24 hours. zero heartbur >> live from america's news headquarters, i'm heather childers. we're keeping a close eye on the middle east as violent protests erupt in egypt over president mohammed morsi's sweeping powers. marches planned around the capital today. accusing morsi of acting like a dictator and demanding he be thrown out of office. just in week the obama administration praised morsi for his help in b

someone who testified in front of congress to sway congress on the fiscal cliff? stay with us. [ female announcer ] a classic meatloaf recipe from stouffer's starts with ground beef, unions, and peppers baked in a ketchup glaze with savory gravy and mashed russet potatoes. what makes stouffer's meatloaf best of all? that moment you enjoy it at home. stouffer's. let's fix dinner. ari melber, karen finney, and professor michael eric dyson, until i had the shingles. i have never encountered such a burning sensation... it was like a red rash. like somebody had set a bag of hot charcoal on my neck. stay with us. it's something you never want to encounter. for more of the inside story, visit shinglesinfo.com i've got a nice long life ahead. big plans. so when i found out medicare doesn't pay all my medical expenses, i got a medicare supplement insurance plan. [ male announcer ] if you're eligible for medicare, you may know it only covers about 80% of your part b medical expenses. the rest is up to you. call and find out about an aarp medicare supplement insurance plan, insured by unitedhealth

. >> this congress is already one vote away from avoiding the fiscal cliff. >> one vote could keep players still far from agreement. >> and no word yet on when the next white house meeting may happen between the president and these key leaders on capitol hill. lynn? >> tracie potts in washington. thank you. >>> authorities in cairo are bracing for more protests in tahrir square as outrage grows over egyptian president mohamed morsi's decision to grant himself sweeping new powers. we have a live report from cairo with the latest. iman, good morning. >> reporter: good morning. thousands are pouring into the square angered by the decree. let's talk about the protests taking place. close to tahrir square is the u.s. embassy. today riot police outside the embassy compound fired teargas, pelted protesters with rocks to try to keep them back. the protesters also exchanged throwing stones at the riot police. that incident brings back serious concerns for u.s. officials because several months ago, back on september 11th a similar scene erupted outside the u.s. embassy. there's growing concern about the secur

avoiding the fiscal cliff. >> reporter: and no word yet on when the next white house meeting will happen. tracie potts, nbc news, washington. >>> thank you. the governor of new york says in some ways superstorm sandy is worse than hurricane katrina. governor cuomo says sandy hit a more densely hit area. the governor says his state now needs $42 billion to recover from all that damage. $9 billion of that amount will help prepare for future storms by protecting the power grid and the cell phone network. >>> a spokesperson for the israeli army is under fire after appearing online in black face. scott mcgrew says it is a startling misstep for an organization that has been tech savvy until now. >> we were talking about how the israeli defense force was using twitter and youtube and facebook to generate support in ways that we had never seen before during war time. but this picture is doing just the opposite. this is idf spokesperson on facebook. he smeared his face with mud and he has written the caption "obama style." he has since taken his facebook pictures private. one commenter asked if i

but i am saying the majority of members of congress see the fiscal cliff we want to sit down and we want to get something worked out. >> if you appropriate some of the money you achieved by eliminating deductions and loopholes to the national debt, even though that may technically violate the pledge, sign me up. that's a reasonable accommodation for a republican to make. >> jennifer: for the record, that was senators john mccain and lindsey graham so the question is this grover norquist's last stand? here with an answer is donnie fowler. donnie of course, democratic strategist and great political operative. welcome back into "the war room." is it grover norquist's last stand? >> we can only hope. look, i think republicans should just say sign the pledge for the last election. not for this congress. it expired. there's only 39 of the 40 top senators and republicans -- six are freed. let his people go, grover. let your people go. >> jennifer: he ain't going to let them go. all of this is occurring in the contex

with the fiscal cliff. as he proposed, no dealing with the fiscal cliff. next year, but dealing with it in the future, the far future. this is bizarre. lou: by the way, does the president have a role in all this? >> well, the president -- lou: in bernanke's mind. >> the president has been -- well, he certainly had something to do with obama's reelection. no question. quantitative easing, qe3, the aggressiveness of the federal reserve to pump up the money supply and attempt to keep the economy on an even keel helped obama and the election. lou: your outlook? fiscal cliff, yes or no? do we go over it? if so, the consequences. >> we do not come by but not for the good reasons which i have heard you analyze. very little movement on tax rates next year. very little movement on spending generally a slight decrease. lou: no movement, are using the bush tax cuts will be allowed to expire? >> no. what i'm saying is that the bush tax cuts, but for a slight modification will persist in 2013. spending reductions, which were made by the forced sequester will not be made in the amount suggest

months. but many expressed concerns about the looming fiscal cliff that includes tax heights and spending cuts that are set to hit january 1 if congress fails to act. >>> and the dow is up 48 points. the s&p rose 3. >>> a cease fire agreement has for now quieted the violence in the israel-palestinian conflict. rita is live in our newsroom now where heartbreaking stories just continue to pour in. >> reporter: that's right, gasia. there was a cease fire and a feeling of relief today on both sides of the gaza-israel border. with strong backing from the united states, the deal was brokered by egypt's new muslim brotherhood president and he'll oversee its compliance. >> this is a critical moment for the region. egypt's new government is assuming the responsibility and leadership that has long made this country a cornerstone of regional stability and peace. >> reporter: the united states promised additional military aid to pressure israel to accept the cease fire now. the israel prime minister who supported mitt romney over president obama made it clear that the ground invasion remains ready.

the fiscal cliff and very interesting last week as congress was on recess on vacation, the markets were you up. you now that congress is back in seg, there's a lot of jitteriness and i think you'll continue to see this until there is a resolution at least until we see that the fiscal cliff is being averted, either with a bridge or something more comprehensive and permanent, which is highly doubtful in a lame duck congress. >> for example the durable goods orders, we've seen a fall off in investment. is that owed to this uncertainty over the fiscal cliff? >> absolutely. capital spending is on strike here in the united states and has been for a while. but the good news is 2013 should be the year that certainty replaces uncertainty. unleashing a lot of pept up demand. so we can make the case that we'll see an acceleration of gdp growth with this unleashing of pent up demand in 2013. >> you have a price target yet for the end of next year? >> well, no. we think that we'll probably come in in year somewhere with the s&p up 10%, 12%. and i think we could very well do that next year. particularly

the fiscal cliff. lawmakers return to work monday. they will be trying cut a deal. if congress and president obama fail to reach a deal an avalanche of tack hikes and spending cuts automatically kick in january 1. president obama and the democrats are pushing for tax cuts for wealthy americans as part of the deal. house speaker john boehner and republicans want bigger cuts in government spending. thanksgiving gave lawmakers a quick break from the fiscal cliff conundrum. now it's time to hunker down and get back to business. >> reporter: after meeting with president obama before the thanksgiving holiday -- >> i want to welcome the congressional leadership here. >> reporter: -- congressional leaders expressed optimism to reaching a deal. >> we had a very constructive meeting with the president. to talk about america's fiscal problem. >> we have a corner stones of being able to work something out. >> reporter: staffers have been working behind the scenes to fine common ground. among the big sticking points how to bring in more tax revenue and reduce spending on programs like medicare. but it's

on their plate. we're not talking about turkey. we're talking about the fiscal cliff. one of the urgent matters this lame duck congress needs to address before the end of the year and even though the tax increases are going to take effect in 36 days, there's still only talk of a compromise, so can congress actually walk the walk or are we going to go off this cliff? up next, mike lee of utah. really appreciate you taking the time. you wrote an op-ed in the washington times and said quote, delaying significant fiscal restraint will send the wrong signal and may serve as taping point for our economy. so you're fear is that interest rates could surge. to be father, we've had this disastrous situation for years and interest rates have kept falling in spite of all worries that there would be a disaster. >> that's right. that's one of the things that distinguishes the fiscal cliff, which we're coming up against right now. from what i described yesterday says the fiscal avalanche. we can see when the fiscal cliff is about to hit. the avalanche occurs when people stop buying u.s. treasury instruments a

and congress and not the president if these fiscal cliff talks fail. are we seeing a white house not willing to lose this pr war no matter the outcome of the talks? >> i think you're seeing a gop that has yet to accept the election results, sort of negotiating with themselves about what they will and won't accept without acknowledging the polls you just cited and the other thing is a strong majority actually also wants a deal. they want a compromise, a balanced compromise. as the republicans are negotiating with themselves over here, the administration and the rest of america is kind of in another place and i think the administration rightly so and remember this was an issue when the president was first elected, there were questions about whether or not he would use the power of that database of people. i think it is a great thing and i hope he does it because i think it is important people you said outside of washington know the kinds of gains going on on capitol hill and the things this people voted for not being acted upon by republicans. >> as i was talking with congressman van holen, ag

their input how to grow the economy and how to deal with that looming fiscal cliff. they are saying taxes will go up if congress does not act. >>> still on the scene of a fire that may have been intentionally started inside a classroom at alameda high school. brian flores joins us with more on why the fire was considered suspicious. >> reporter: it looks like police investigators are here now continuing to gather any evidence they can from this suspicious early morning fires. now let's go to video we shot earlier this morning. according to investigators, the fire started roughly around 3:00 a.m. this morning and one of the classrooms had flames coming out of it from a nearby window and they quickly put it out but what they found was one of the windows was opened and it leads officials to believe it is suspicious in nature. >> we had a fire alarm at the alameda high school and we came here and found a fire and put the fire out and the fire is suspicious in nature. >> reporter: now in terms of damage several books were burned and a window was damaged. police believe there may have been smal

about the dreaded fiscal cliff. leaders from the white house and congress are calling for a prelimary meeting and call constructsive so they can find an answer before everyone's taxes go up. we are joined by ben ferguson and mark lavine. thank you for joining us here on the holiday weekend. >> thank you, uma. nconservatives are blastinglet gop law makers who may be caving in on the issue of tax hikings. how do you see this shaping up? >> it is going to be a big fight. we have a lot of people saying we will nomit raise taxes on the conservative side and they are realizing there is it bipartisan support to get something done. and if you come in the negotiating room with extremes of we are not going to move. it hurts americans so what you are seeing now. you see them saying, hey, we'll look at possibly raising taxs and got to figure out how to do it many of them ran and said i will not raise taxes if you vote for me. and the fiscal cliff is going to have to take people getting in a room and saying together. we are going to work on a solution. we are both going to do things we don't want

have five weeks to keep us from going over the fiscal cliff at the end of the year. that would mean automatic tax hikes and spending cuts at the same time and an economists say it could cause another resomething. the president met with congressional leaders from both parties, but harry reid says there has not been much progress since then. mike emmanuel is on capitol hill. republicans are asking for changes to social security and medicare. any common ground? >> shep, in public, it does not sound like it. top republican leaders say if you want to avoid the fiscal cliff, you need to address the drivers of our debt. >> we know that the only way we can solve our long-term debt and deficit problem is to fix the unsustainable growth rates of our very popular entitlement programs. the president has from time to time indicated an openness to that. now is the time to actually do it. >> 42 business groups sent a letter to leaders of congress asking them to do tax reform to lower tax rates and also address entitlement reforms. >> shepard: democrats say they want more revenue, more taxes here.

it comes to the fiscal cliff, the president and congress will either fail together or we will succeed together. there's nothing in between. i am confident, i am confident that we can pass the test and do what is good and right for the american people. >> the president's been talking a lot about taxes lately and as a c.p.a. who practiced tax for years and a member of the ways and means committee, there's no one who likes to talk about tax more than i do. but let's be honest, talking about taxes is not going to solve the problem that america faces. we have to turn to the spending side of the ledger. and furthermore, his tax proposal will kill about 700,000 jobs and do harm to the economy, again, the wrong direction. i think house republicans have set a fine precedent four months ago, we passed a framework to address the issue of taxes. fundamental, comprehensive tax reform. pro-growth policies that kick start the economy, rather than hurting the economy. likewise, we have laid out a bipartisan plan to address the real drivers of our debt. in the auto pilot spending programs. and so i th

. the peabody people are watching i'm ready to submit. what's everybody talking about? >> the fiscal cliff. >> stephen: fiscal cliff, yeah. >> trillions of dollars of spending cuts and tax increases that are going to happen when the ball drops on new year's eve unless president obama and congress come to some sort of compromise. >> stephen: all right so, we're all doomed. >> it's like the movie thaw you have to either cut off your arm or die. so they will come-- they will cut off their arm. >> stephen: do you know, do you know what kind of ratings the news could get if they could get politicians to cut off their arms on camera? okay. -- (cheers and applause) >> stephen: as i said senior white house correspondent for abc news. the only news anybody watches any more. >> i think that's true. >> stephen: and you have got eye new book here called the outpost, an untold story of american valor. this is about the war in afghanistan. >> it's about one combat outpost in afghanistan, 14 miles from the pakistan border, built at the bottom of three very steep mountains, built in 2006. and overrun in 2

. >>> this week congress returns to take on the pending fiscal cliff. year-end deadline where higher taxes and deep cuts kick in if a compromise haven't been reached. the stock markets have been betting early among congress will reach an early compromise, showing gains in this week's session. but republicans and democrats sound as far apart as ever on reaching a solution. >> the house of representatives has a bipartisan bill passed by the senate that will spare 898% of taxpayers across america from any income tax bases and 98% of businesses. it's a bipartisan bill the house should pass. >> it's fair to ask my party to put revenue on the table below historic packages. i will cap deductions. if you cap deductions around the 30, $40,000 range you can raise $1 trillion in revenue and the people who lose deductions are the upper income americans. to do this i just don't want to promise spending cuts, i want entitlement reforms. >> senator graham said the senate version will cutback the military to dangerously low levels. >>> new this morning the u.s. supreme court justices will go behind closed

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if congress does nothing which they're pretty good about these days. we will go over the fiscal cliff. >> staffers have a working behind the scenes to find common ground to avoid cuts that should be concerning for everyone. >> they should be worried if we have a defense job or if we are dependent on others of the federal budget. the regulation of our food safety, and our borders being secure. or fbi. >> the sticking point is what to do about taxes. the democrats want to raise taxes for the wealthy and republicans to not. the anti-tax crusader had gotten a majority of the " law makers to pledge not to support any effort to raise taxes. >> i'm willing to recorgenerate revenue. where is below but i will not raise tax rates to do it i will cap deductions, and violates the pledge, long story short. for this country of democrats will do entitlement changes. >> is not we clear when it will meet next a deal could be well off. >> we rarely see the will and the white house make decisions, early. i would be pleasantly surprised to see a deal emerge earlier than at the end of the year but we will

, to look over the so-called fiscal cliff. some existing tax cuts will expire. that could slow the economy or even move it back into recession. up until now, republicans have been unwilling to consider raising taxes, something that democrats say has to change. >> as president eisenhower says, there will have to be compromises and seeking the middle of this rote isn't just acceptable, it's the only way forward. >> most republicans signed a pledge to never raise taxes, but gop law makers say that now they'll have to put that pledge aside for the good of the nation. >>> on wall street, the markets.finished mixed, nasdaq gained nine, apple leading the way up 8%. >>> shareholders. some analysts had suggested that investigators are underestimate's facebook's growth potential from ad revenue. the stock gained 8% today but is still well below its public offering price. six months ago, the company went public with an ipo price of $38 a share. >>> securities and exchange commission. walters who's a democrat serves as a democrat, she takes over for mary shapiro, shapiro leaves next month in the wake

-qaeda affiliates. >>> lawmakers trying to avoid the fiscal cliff, automatic tax hike for all americans, unless congress and the president can compromise. biggest obstacle is a pledge of no tax increases of any kind signed by most republicans. grover norquist is behind the pledge and has convinced thousands of republicans to sign the pledge in exchange for helping them get reelected. some republicans open to breaking the pledge say they will do it by closing loopholes but say entitlement reform must be part of the discussion. >>> do you think you are paying -- >>> good morning. home prices continue to climb nationwide up 3% in september compared to a year ago. in the san francisco area it was 7 1/2% compared to a year ago. meantime, watch for your landlord to jack up rent. recents are up 4.1% this year, watch for rents to go up 4.6% next year and 4.7 the year after. zillow buying hot pads for 16 million dollars, has 19 employees will stay in san francisco, zillow says the move will help it increase the number of leads it sends to landlords. watching ebay today, shares slightly lower stock hit a

middle income families. >> you said today that congress should deal with the fiscal cliff crisis now, but tackle entitlements, the entitlement questions, later. yesterday, senator lamar alexander said the only thing the president has to do to get an agreement from republicans now is in his words, propose a reasonable way, a reasonable way to control entitlement spending. so is this a catch 22? who bends here? >> i don't expect us to have entitlement reform before december 31st. this is too technical, too important. let's do it right. but i do believe and i said it, any long term deficit reduction will require entitlement reform for one simple reason. medicare untouched, unchanged, runs out of money in 12 years. we need to take a hard look at it to find ways to preserve this important program, have savings that don't hurt the beneficiaries, and actually do reduce the deficit in the process. >> what about those republican critics, senator, who say it's not possible to make any real progress without -- on spending, shall we say, without seriously addressing the medicare, the medicaid, m

falling off the fiscal cliff, how to prevent it from happening, and the impact not as on the fence of the discretionary budget as well, and for our purposes, hopefully they will also take the time to pass a defense authorization in order to be able to set some important policy guidance we need as we go into this next year. the hope is these issues can be resolved before congress adjourns, and we are all hopeful the leadership will be able to come together to find a way to resolve these issues. these are tough decisions. i know how tough they are, but they can do it. it will take some risks, but that is part of the game. you have to take risks to do the right thing, and i hope they do that. the worst thing that can happen from my perspective is they just kick the can down their road. all that would wind up doing is continuing to present a shadow as to what ultimately will happen, and that is the last thing i need. the fact is when it comes to national security, which challenges and opportunities we face in the future go beyond the political gridlock of the moment. they are significa

it wouldn't be so bad if we went over the fiscal cliff and kicked the can down the road to the next congress which will be more favorable from the liberal perspective to negotiating on these big picture issues. frankly, i think it would be harder to have a compromise on son-in-law of the entitlement reform that republicans want to see, at least some movement before they will agree before this talk of raising taxes will be anything more than the lip service that you mentioned. >> okay. so ken is suggesting there it's in republicans' interests to do a deal now. jared, the white house is warning today, and you mentioned it earlier, of dire consequences if the bush tax cuts for the middle class expire. a hit to consumer spending something like four times the revenue of black friday. jared, do you think that republicans would risk that kind of disaster to protect the top 2% who frankly can afford to pay a little bit more. >> i fear there is a significant bloc of republicans in the house who, frankly, might make that kind of a terrible deal for america, and you teed it up exactly right. you're tal

need a framework for a solution, we need a down payment on it to avoid the fiscal cliff, and then after the new congress comes in, we address a compromise of long-term solutions. >> everyone seems to want to focus on the tax hikes first and talk about spending cuts later. will that work? >> no. you really have to -- we can't keep kicking the can down the road. we have to have more certainty for business. we want to get the economy going. we want to create jobs in the country. we want to preserve a prosperous united states for the next generation. i'm here speaking as an american, not simply as a ceo. if you care about your country, we have to stop kicking the can down the road and have more certainty and a framework that embraces both expense because you're going to reduce expenses by $3 for every dollar of revenue you raise if you embrace a bowles/simpson type solution. >> but that's optimistic. they're now talking one to one. it seems like people have even given up on that number. >> i don't believe they've given up on that number. our president during the election, he himself embrace

bernanke is pushing for a compromise on the fiscal cliff. in a speech tuesday he said if president obama and congress can resolve the crisis unemployment would go down and the economy would grow. falling oil prices and an announcement that hewlett packard is taking a $9 billion write down. the dow lost just over seven points while the nasdaq was mostly unchanged. shares of home builders rallied on news that home construction jumped in october to a four year high. construction of apartment buildings was especially strong up 10%. and it looks like hostess's twinkie is cooked. the snack maker failed to reach mediation session. on monday a bankruptcy judge asked the two sides to meet. no agreement in place the judge will decide today if the maker of ho-ho, ding dongs and wonder bread can shut down their operations. hopefully other companies will swoop in and make those treats. >> it ain't over. you can't hold the twinkie down. >> i'm not sharing. >> ashley morrison here in new york. in sports this morning the lakers get a new coach and get a win. mike d'antoni made his debut as the lakers ne

returned from the holidays still facing the fiscal cliff. if a deal can't be reached by january 1st americans will face half a trillion more in taxes next year coupled with a hundred billion dollars in cuts to domestic and defense spending. since the reagan era most republicans have day caretaken promising they won't raise taxes. mike viqueira says there may be flexibility on both sides of the aisles. >> reporter: it's a pledge almost all republicans have signed to oppose tax increases of any kind. today shit was showing cracks. >> the world has changed and the economic situation is different. >> reporter: republicans insist in return for defying part doctrine they must have changes in social security and medicare. >> i will sign only if they undo entitlement reform. >> reporter: be president has put them on the table before. during last year's failed talks on a grand bargain and more recently in his first post election press conference. >> we have to continue to take a serious look at how we reform our entitlements because health care costs continue to be the biggest driver of our

's how congress rolls. and now with just 36 days remaining to avoid the so-called fiscal cliff, senators are coming back to work. the house returns tomorrow. the white house is working both sides of the beltway to maintain bush-era tax rates for the poor and middle class, while letting those lower rates expire for higher earners. this morning, the white house put out numbers claiming if we fall off the cliff, consumers will be spending less money next year. how much less, exactly? $200 billion in fiscal 2013 alone. that would be a huge, huge hit on retailers. now, tax hikes are the biggest part, but not the only part of the fiscal cliff. seeing it as a fiscal cliff, the new year will also bring more than $100 billion in spending cuts, if -- if congress and the president can't agree on some other course. all of this brings me to my friend, cnn's christine romans with details on the toll on consumer spending. we threw out the number, $200 billion. what does that mean? >> it comes straight from the white house, trying to ride the coat tails of black friday weekend when throwing around how m

those fiscal cliff worries were largely put on hold. that's probably why we're seeing those strong gains here. let's take a look at the leaders and laggards. you're seeing dell, advanced micro, hewlett-packard is up 4% on what's been a dismal week for that stock. baxter international is up on reports that it will be buying a swedish medical equipment maker for $4 billion. those are the winners. but look at the losers for today. you're seeing a grab bag of companies, some defensive names like exelon, wisconsin energy and southern company in the energy sector. as well as cablevision and genworth which is an insurance name. so roughly pretty big grab bag for laggards today. research in motion getting a big pop today on heavy volume for that stock, up 14% in a sustained rally. that's a big move for r.i.m. we're finally getting a date for the blackberry rollout, january 30th. analysts like that move as well as investors. >> we'll see if that works out. >> blackberry 10 is make or break for this stock. >> our internal market guru here at cnbc tells me that with today's rally, the markets are n

and they are ready to tackle the fiscal cliff crisis. lawmakers are ready tro compromise. >> lawmakers are ready to give in on tax changes in order to get some sort of a deal done. kelly wright joins us with more on what it means for the negotiation. we could be looking at possible tax hikes, isn't that right? >>> oo the government is on automatic pilot. that is five weeks away. for congress there is much work to be done and more compromise to be made in order to avoid the fiscal cliff. it will require give and take negotiations particularly on raising taxes but republican law americas who pledged to not vote for anything with a tax increase now appear ready to relinquish that pledge in order to avoid the looming fiscal crisis. >> when you are $16 trillion in debt the only pledge we should be making to each other is to avoid the grief and republicans should put revenue on the table. >> so everything is on the table and campaign raising taxes on the wealthy is relying on treasury secretary tim geithner. his team will works on issues like medicare even social security. they hoping to avoid a repea

's looming. the so called fiscal cliff is getting closer and apparently no movement in congress to avoid it so far. the impasse is over raising tax rates on upper bracket income earners. republicans say they're willing to consider a tax hike but they want larger cuts made to benefit programs. the small business leaders came to avoid the cliff and tax hike on the middle class. on friday he's off to philadelphia where he will make a public case for his strategy and two gop leaders. >> rather than sitting down with lawmakers of both parties and working out an agreement, he's back on the campaign trail. >> the election was conclusive in terms of which path the majority of the american people want to take. >> house republicans are also planning to hold events in the coming weeks with small business owners to highlight the effects the tax increase could have on them and their likelihood. how does the fiscal cliff impact california? larry, a lot of talk on how it will impact high earners. a lot of middle income class folks could feel it as well. >> if we go over the fiscal cliff, we're going to

of a deal to avoid the so-called fiscal cliff by christmas. president obama says he would like congress to pass a bill even sooner to extend tax cuts for the middle class families. and he invited some of those middle class americans to the white house today to help make his case. >> i have got a pen. [ laughter ] i'm ready to sign it. [ applause ] so, my point here today is is to say let's approach this problem with the middle class in mind. the folks who are behind me and the millions of people all across the country who they represent. >> shepard: well, republicans are saying they need some spending cuts. that they will also have to be part of the deal. and they are accusing the president of campaigning instead of negotiating. >> i mean, every week he spends campaigning for his ideas is a week that we are not solving the problem. it's completely counter productive. the election is over. he won. congratulations. and we have got a hard deadline here, however, and it's still he he is still out on the campaign trail, kind of celebrating. >> shepard: if the president and congress cannot cu

to skyrocket. >> this congress is already one vote away from avoiding the fiscal cliff. >> reporter: one vote with key players still far from agreement. no word yet on when the next white house meeting might take place. lynn? >> tracie potts for us in washington, thanks. >>> last night on "hardball," republican senator tom coburn told chris matthews about his vision for averting the fiscal cliff. take a listen. >> there's no question we can have the rich pay more, but that won't solve our problem. >> i agree. >> and with that comes negatives. the real problem is is you've got an entitlement system that's out of whack, and the demographics are exaggerating that. and you've had discretionary spending increases, you know, the budget of this country this year is twice what it was 11 years ago. and a good portion of that is discretionary. some of it, $100 billion a year is the war, but the rest of the government has grown. so we have to do both. and we have to make sure that whatever we do does not hurt us but gets us on the way to recovery. >> be sure to watch "hardball" with chris matthews weekd

30 we have to worry about. if congress doesn't reform taxes and avoid the "fiscal cliff" at the end of the year your tax bill could rise by the thousands. in years past, congress exempted most middle class and low-income families from something called the alternative minimum tax. if they don't renew that exemption, a family with two children making $90,000 a year could owe an extra $3,000 in taxes. >> we are going to see lots and lots of everyday people get caught. >> reporter: also on the chopping block a tuition credit for parents who have kids in college. in certain brackets if you have two students paying tuition, you could lose a $5,000 credit. that's $5,000 out of your spending money. >> plan for difficult times. taxes are going up. so what do you do? if you're spending every dollar you're making now and your taxes go up, do you go in debt? or do you adjust your spending? >> reporter: those are just a few examples of what is at stake here. while congress has until the end of the year to solve some of these problems, the uncertainty is really affecting almost everyone. not know

days to go before automatic increases and spending cuts known as the fiscal cliff go into effect this is a live look of the senate floor, you see mcconnell the minority leader speaking now. president obama and congressional leaders are not expected to meet this week they want give staffers more time to work through differences first. the president is expected to hit the road to lied public support for his proposal. -- road to mobilize public support for his proposal. >>> current secretary of date will be termed out in 2014, if elected, ye hopes to expand california's online voter registration program into an online voting program. >>> that fog is hanging tough today itch >> worst spot is sfo, just a quarter mile visibility there, sunny and -- sunny and 60 in san jose now. fog in the north bay improving, we are looking at oakland, with foggy conditions, and vollmer peak. a big change all straight ahead. >>> plus, the hidden dangers of those bouncey houses. new report on how many kids they send to the hospital. >>> some bay area school kids get a surprise visit from one of the star

increases and spending cuts known as the fiscal cliff go into effect this is a live look of the senate floor, you see mcconnell the minority leader speaking now. president obama and congressional leaders are not expected to meet this week they want give staffers more time to work through differences first. the president is expected to hit the road to lied public support for his proposal. -- road to mobilize public support for his proposal. >>> current secretary of date will be termed out in 2014, if elected, ye hopes to expand california's online voter registration program into an online voting program. >>> that fog is hanging tough today itch >> worst spot is sfo, just a quarter mile visibility there, sunny and -- sunny and 60 in san jose now. fog in the north bay improving, we are looking at oakland, with foggy conditions, and vollmer peak. a big change all straight ahead. >>> plus, the hidden dangers of those bouncey houses. new report on how many kids they send to the hospital. >>> some bay area school kids get a surprise visit from one of the stars ron: years ago i made a promise to pro

's looming fiscal cliff take precedence over norquist's anti-tax pledge that many members of congress signed years ago. georgia senator saxby chambliss telling a local tv station, quote: gregg: here now to talk about it, juan williams, a fox news political analyst, brad blakeman, former deputy assistant to president george w. bush. brad, 258 republicans signed the pledge never to, a, vote for a drop in tax rates or, b, limit deductions. but you know what the speaker of the house said the other day, john boehner, he said he's willing to do the latter. now you just saw what chambliss said. so is the era of grover and his you ubiquitous pledge over? >> no. i think grover deserves a great deal of credit for keeping that pledge to the american people and holding republicans' feet to the fire. gregg: is it over now? >> no. we have a different set of circumstances. perhaps what the democrats should have had is their own grover norquist on spending, and we wouldn't be in the mess we find ourselves in. but here's the reality, gregg.me for the status quo. nothing's changed since two months ago. we hav

are not really a fiscal cliff at all. but actually more of a fiscal slope. that is because if congress cannot reach a compromise, the president still has the authority to push back some of those big changes. and lawmakers say the markets should easily recover even if no deal is reached until early next year. more bill next. stay with us. going to do the young turks. i think the number one thing that viewers like about the young turks is that we're honest. they know that i'm not bs'ing them with some hidden agenda, actually supporting one party or the other. when the democrats are wrong, they know that i'm going to be the first one to call them out. they can question whether i'm right, but i think that the audience gets that this guy, to the best of his ability, is trying to look out for us. [ piano plays ] troy polamalu's going deeper. ♪ ♪ and so is head & shoulders deep clean. [ male announcer ] with 7 benefits it goes deep to remove grease, gunk and flakes. deep. like me. [ male announcer ] head & shoulders deep clean for men. ♪ ♪ [ mal

and spending cuts known as the fiscal cliff will take effect in january unless congress can do something to balance the budget. >>> happening right now workers at walmart stores starting to walk off the job during the big holiday shopping rush. i want to take you to texas just got this in. workers walked off the job right as shoppers were getting ready to go into the store. other protests are planned in walmarts throughout the bay area. employees say they want walmart to pay better wages. while some say they will still shop at al port others say -- walmart others say they will support those workers. >> if they walk out, i'm not going to shop until they settle with them. you can bet that. >> the picketers were planning to protest outside of sam club stores. >>> in sacramento there were very tense moments for shoppers. you can see there the cameras are rolling when one k-mart shopper threatened to stab others were people started shoving to get inside that store. many people said there should have been more security because they did not feel safe. >>> millions of people are out shopping for

ground on the fiscal cliff? oklahoma's tom cole, a member of congress says the grand old party should take president obama's party. doo extend bush tax cuts for all but the top 2%. that's a sign some republicans may be open to higher rates for the rich. >>> is it possible negotiators could learn something from the most important movie out there right now "lincoln." doris good win joins us. >>> let me finish with how lincoln outlawed slavery for good and how de it using politics. this is "hardball," the place for politics. with the spark cash card from capital one, olaf gets great rewards for his small business! pizza! [ garth ] olaf's small business earns 2% cash back on every purchase, every day! helium delivery. put it on my spark card! [ pop! ] [ garth ] why settle for less? great businesses deserve great rewards! awesome!!! [ male announcer ] the spark business card from capital one. choose unlimited rewards with 2% cash back or double miles on every purchase, every day! what's in your wallet? he loves risk. but whether he's climbing everest, scuba diving the great barrier reef wi

? >> one thing i'm worried about is the fiscal cliff issue, the tax increases and spending cuts that take place january 1 unless congress and the president reach a deal. businesses have been worried about that for months. maybe consumers are start-- maybe it's starting to creep into their thinking as well. we saw a weaker consumer sentiment number last week. that's thing to watch to worry about as we wonder what the holiday season will be like. >> brown: nariman behravesh, is it strange or do things really change? on the one hand, we want people to get out and spend, but on the other hand, we still talk about over-spending and spending money people didn't really have was part of the problem that got us into this state in the first place. so what's-- that sounds like a little bit of a disconnect. where are we on that? >> well, i think neil is right in saying consumer finances are in much better shape right now. so in that sense, the kind of spending we're seeing now is more sustainable. it's healthier in a sense. debt levels are down. people are not taking, say, home equity out to spend on

, in the politics section of the washington times, it says the farm bill may help congress avert the fiscal cliff. this is written by debbie stabenow -- and the washington post has a piece about public opinion -- frank in fort lauderdale, florida. what are your thoughts on this? caller: the solution is quite simple. if the aisle is the problem, do away with it. do it according to state and broke the wishes of the states. there is one party rule, but that party is the american people as a whole. that's all i have to say. , independent, or norfolk, virginia. caller: a brief statement. if you stand up from behind your desk and if you lean too far to your right, you fall over. if you lean too far to the left, you fall over. the american people are dealing with corporate fascism, the merging of the state and corporations. all the money that is pouring in on every level. it is radical -- whether it is left or right. we need to get to the people's business. and it is the center. that is what i have to say. host: can i get your thoughts on what the washington times writes this morning? caller: in my opin

, we have a thanksgiving special edition. on the fiscal cliff, those big spending cuts and tax hikes set to hit the u.s. economy on january 1, we examine whether congress and the white house can strike a deal to avoid going off the cliff. so be sure to join on us, we look at the impact of the cliff on jobs, how strategies for investors, and tom talks with mark mobius, the global investing guru. that's "nightly business report" for wednesday, november 21. happy thanksgiving everyone, and hope you have a great holiday too tom. >> tom: goodnight susie, we'll see you online at: www.nbr.com and back here tomorrow night. captioning sponsored by wpbt captioned by media access group at wgbh access.wgbh.org >> join us anytime at nbr.com. there, you'll find full episodes of the program, complete show transcripts and all the market stats. also follows us on our facebook page at bizrpt. and on twitter @bizrpt.

ahead on "starting point," congress, will congress come to a compromise, and avoid the fiscal cliff? or will we just go right over? we're going to talk to congressman bill pascrell who sits on the house budget committee. and emergency contraception for teenagers. the controversial new recommendation from doctors this morning. pizza palace gets the most rewards of any small business credit card! pizza!!!!! [ garth ] olaf's small business earns 2% cash back on every purchase, every day! helium delivery. put it on my spark card! [ pop! ] [ garth ] why settle for less? great businesses deserve the most rewards! awesome!!! [ male announcer ] the spark business card from capital one. choose unlimited rewards with 2% cash back or double miles on every purchase, every day! what's in your wallet? ♪ ♪ [ male announcer ] you've been years in the making. and there are many years ahead. join the millions of members who've chosen an aarp medicare supplement insurance plan insured by unitedhealthcare insurance company. go long. [ gordon ] for some this line is a convenience. how you doing toda

over the fiscal cliff at the end of the year. it's pretty new and that's when pretty much everybody's taxes will go up if congress and the president can't cut a deal. g.o.p. leaders insist they still do not want to raise tax rates. instead, they say they would rather close loopholes and limit deductions. the white house says frankly that's not good enough. aides say president obama spoke with the house speaker john boehner and the senate majority leader harry reid over the weekend. and the president is confident they can work out some sort of agreement. mike emanuel on fox top story live in the d.c. newsroom tonight. mike, it looks like some republicans are changing their tunes. >> shep, republicans say they favor both major spending cuts and additional revenue from tax reform with lower tax rates. the pledge you mentioned is identified with americans for tax reforms grover norquist who has gotten many republicans to promise they won't vote to raise taxes. south carolina senator lindsey graham is pushing back saying capping deductions would help generate revenue. the top republic on

' fight to avoid a fiscal cliff as house speaker john boehner says there may be no way to avoid the oncoming tax increases and spending cuts if the president isn't willing to put his signature program, the healthcare law, on the chopping block. what does that really mean? byron york is chief political correspondent at the washington examiner and a fox news contributor. byron i want you to explain this. i mean, look, obamacare passed the u.s. supreme court and obviously it's not going to be overturned by executive fiat by a president mitt romney. so that leaves a third approach and here what john boehner rights, congress has a constitutional responsibility to conduct thorough oversight of the executive branch and congressional oversight will play a critical role in appealing obama care going forward. how in the world does that happen? >> well, it's not going to play a role in p repealing obamacare. this is a little bit of a surprise from bean bone, he said right after the election i guess that settles it, that makes it the law of the land. what the white house will say, obamacare

it with me, 35 days to avoid the dreaded fiscal cliff, the huge package of tax hikes and spending cuts set to take effect january 1 if congress and the president do not cut a deal. we're told they have been talking behind the scenes and president obama has already hosted congressional leaders for a post election sit-down. but the president is also launching a new pr effort, a campaign, some are calling it here, starting with the white house meeting today, of small business owners. then tomorrow, the president hosts more business owners and a group of middle class americans who would be hurt if the tax hikes take effect the first of the year. then friday, a campaign style stop in pennsylvania, a toy factory of all places, highlighting the importance of middle class consumers in this holiday season. but back in washington, senate leaders, they are speaking out. you have democrat harry reid saying the president won the election. and it is time for republicans to fall in line. meantime, republican mitch mcconnell not impressed with the president's plans to go back on the road. take a listen. >

: the senate's back in session, and the countdown to the fiscal cliff now stands at five weeks. if congress doesn't act, $650 billion in spending cuts and tax increases automatically go into effect on january 1. there are now increasing signs that republicans may be willing to deal on the most controversial issue -- taxes. but for many republicans, doing just that would mean breaking a pledge to not raise taxes. and taking the political risks that come with it. the "no new taxes" pledge is the brainchild of grover norquist, president of americans for tax reform. >> what the pledge does, of course, allows elected officials to make it clear openly to the american voters where they stand. >> reporter: norquist may not be a household name outside the belt kwai, but here in washington he carries significant weight as evidenced by the hundreds of republican lawmakers who have signed his pledge over the years. even as top republicans signal they are willing to compromise there is still a catch. the white house indicated everything is part of the discussion. >> all three legs of this will have to b

to the other battle brewing tonight, the clock is still ticking on the fiscal cliff. 35 days, taxes including on the middle class, will rise in america unless congress reaches a deal. abc senior white house correspondent jake tapper tells us the latest on this duel that would affect every single american family. >> reporter: the manufacturers of these angry birds building sets in pennsylvania will later this week be visited by president obama as he makes his case for raising tax rates on wealthier americans as part of a larger deal with congress. and while the president is not trying to provoke anger necessarily, he is trying to drum up passions for his proposal. meeting with small business owners today such as texas crop duster manufacturer, david ikert. >> there was a lot of talk in the room about certainty. small business wants certainty so they can plan, strategically look at how we move forward. >> reporter: and releasing these showing them pleading for their tax cuts to be extended. >> if you take away the $2,200 from my paycheck, it would severely impact my family. >> reporter: while t

director for the national congress of american indians explains with the fiscal cliff and native americans and the alaskan native communities. plus, e-mails, phone calls, and tweets. >> there are many people who might even take issue with great saving the union during the civil war. did it lincoln did that? he did. i will not a grant is the only person to save the union, but he was the commanding general of the army that would think the policy to affect, and he was the general who accepted the surrender of the army of northern virginia under robert e. lee that ended the war. if anybody won the war on the battlefield, if you could say that any one person did, and of course you cannot, but one of the things we do when history is we generalize, simplify, because history reality is simply too complicated to get our heads are around if we deal with it in the full complexity. granted save the union during the civil war, and i do contend he same award during reconstruction as well. -- he saved the union during reconstruction as well. jh.w.w brands of the light of ant.ses s. korgr >> the offense o

to say, okay, i want to talk about the choices in front of us in the fiscal cliff. we did over 350,000 events on dashboard. it would be easy for supporters to start asking people to call members of congress. >> the biggest assets is republican stubbornness. here's tea party senator rand paul addressing incoming republicans about the fiscal cliff. >> but the bottom line is it's a mistake to raise taxes on anybody we shouldn't in on it it. those who are new here, please hold the line. there's one compromise i would be in favor of and that's that all spending should be cut. we compromise enough to say let's look for waste in the military budget. the liberals have to compromise. >> despite losing the election, republicans still have a very much my way or the highway attitude about all of this. they have less leverage now than they ever had on this issue. "the new york times" reported on more defections from the anti-tax pledge. peter king of new york is the latest who marginalized the number one conservative lobbyist in washington. king said "a pledge is good at the time you sign it. i

business of the current congress, including how to avoid falling off the fiscal cliff, how to prevent it from happening, and the impact not as on the fence of the discretionary budget as well, and for our purposes, hopefully they will also take the time to pass a defense authorization in order to be able to set some important policy guidance we year. the hope is these issues can be resolved before congress adjourns, and we are all hopeful the leadership will be able to come together to find a way to resolve these issues. these are tough decisions. i know how tough they are, but they can do it. it will take some risks, but that is part of the game. right thing, and i hope they do that. the worst thing that can happen from my perspective is they just kick the can down their road. all that would wind up doing is continuing to present a shadow as to what ultimately will happen, and that is the last thing i need. the fact is when it comes to national security, which challenges and opportunities we face in the future go beyond the political gridlock of the moment. they are significant as we

to avoid the fiscal cliff. automatic tax hike and spending cuts for all americans unless congress and the president can reach compromise. biggest obstacle of no tax increases of any kind signed by most republicans. grover norquist is behind that pledge and has convinced thousands of republicans to sign in exchange for helping them get reelected. with fiscal calamity on the horizon some gop lawmakers are changing their tune. >> i will violate the pledge, long story short, for the good of the country. >> president has made clear he will not sign a bill that extends the bush era tax cuts for those making more than $250,000. >> some republicans open to breaking the say they will did it by closing tax loopholes they say entitlement reform has to be part of the discussion. >>> general motors has its eye on california to lunch a new electric car model. -- to launch a new electric car model. >>> an all-electric version of the chevy spark next summer starting in california and oregon nor less than $25 thaw -- $25,000, after a tax credit. if you are looking for the new wii-u. nintendo scram

, as well. those worries about the fiscal cliff, you know, the tax hikes, the spending cuts happening all at once. congress gets back to work this week, so, you know, investors are closely watching to see if they're going to be able to hammer out a deal. there are also worries about whether or not greece can can get another loan payment. so there are some questions there. that's weighing on the market, not giving much reason for investors to buy in, at least not yet, carol. >> alison kosik from the new york stock exchange. we'll be right back. >>> market update is sponsored by charles schwab. start trading with street smart edge today. 1-800-345-2550 when i'm trading, i'm so into it, tdd#: 1-800-345-2550 hours can go by before i realize tdd#: 1-800-345-2550 that i haven't even looked away from my screen. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 that kind of focus... tdd#: 1-800-345-2550 that's what i have when i trade. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 and the streetsmart edge trading platform from charles schwab... tdd#: 1-800-345-2550 ...helps me keep an eye on what's really im

duck congress returns this week with barely a month left to avoid the fiscal cliff of mandatory tax hikes and spending cuts. retiring senator joe lieberman today lamented the lack of bipartisanship on capitol hill. >> in my opinion the last two years, 2011-12 have been the least productive and most partisan and uncompromising in my 24 years here. the public seemed outraged at the status quo that produced so little. >> glor: newly elected senator angus king is vowing to help break the logjam by doing what so many others in congress will not, compromise. chip reid caught up with king on the streets of maine. >> if somebody comes to you and says i'm not going to compromise, what they're really saying is i have 100 percent of the truth. i'm 100% right. >> reporter: angus king says he's 100% certain of only one thing. that neither the democrats nor the republicans are always right. that is why when he takes his seat in january as the new senator from maine he will be doing it as an independent. >> the people are absolutely fed up with this nonsense. they have had it with washington not b

to the fiscal cliff? >> well, we're spending another meeting maybe on friday of this week. we have a situation where the republicans are talking about they are willing to accept more revenue, but they don't want higher tax rates. they want to eliminate deductions, while the president wants to increase the tax rate for those that make more than $250,000 a year. >> bill: we have been talking about that and i want your take too, i keep reading some of these stories about republicans have changed their minds now, but really they haven't, have they? they are really still saying we're not going to get rid of the bush tax cuts for the wealthiest of americans. where does the revenue come from? >> well, that's what jack [ inaudible ] will tell you. you can't eliminate enough tax breaks to eliminate the debt. >> bill: so they are not saying anything different, are they? >> they are saying a little bit more about revenues and breaking a little bit with grover norquist. but i think there's also the feeling that it will go to the last minute just like everything else doe

to france. >> senate majority leader, harry reid said today he remains hopeful congress can prevent fiscal cliff. he spoke to reporters in the capital. >> we had a meeting with the leaders appear in the white house. it went very well. the problem before thanksgiving after the election and since that time there's been little progress with the republicans, which is disappointing to me. they've talked happy talk about doing revenues, but we'll never couple weeks to get something done. so we have to get away from the happy talk and start talking about specific things. in one month, taxes are set to rise for all americans. we passed in the house -- i'm sorry, we passed in the senate a piece of legislation to protect people making less than $250,000 a year. we have rejected on a bipartisan basis the republicans effort to extend tax cuts for everybody. those are the measures we've dealt with on the senate floor. if we fail to reach an agreement, the average middle-class family will see their taxes go up by $2200 a year. as i've indicated, the senate has acted to stop that analysis one vote away f

though it's an abbreviated week. we have this vacuum on the fiscal cliff. that's a mild positive under the market. next week congress comes back, heaven help us. there might be untward comment from somebody, doesn't have to be the speaker, could be somebody else saying the votes aren't there. it could be a key issue. what's going on in europe will be another key issue. looks like the market wants to tiptoe through the holiday. there's a mild upward historic bias to today, also to the abbreviated session on friday. monday not so much and i think that fits in with congress coming back. >> is there bias to the next week, all of the next weeks going into december. why is that? >> people look for the santa claus rally. in the couple of years we've had santa on a milk carton but today he's ringing the opening bell. i heard him tell one of the good little traders that -- >> they still make those? >> he looked 6% busier than last year but we couldn't find out if it was domestic or worldwide. we'll have to wait and see. >> i doubt it was europe. >> probably not europe. >> a year ago we were suf

and congress begin negotiations this week to avoid the coming fiscal cliff. >>> a pilot from nevado and his passenger are recovering after making an emergency landing near the cal state campus. >>> from across the bay, to around the world, the stories that matter on eyewitness news this morning and i'm michelle griego. >>> good morning everyone, it's monday november 26th i'm michelle griego. >> that we could went quick. >> it did. >> i'm frank mallicoat. and a word of caution if your hitting the road this morning, take it slow out there because there's a whole lot of fog. >> visibility is especially bad on major bridges. cbs5 reporter, anne makovec is on the embarcadero near the bay bridge and we could hardly see it if some of the live shots. >> that's right. somehow i got through this morning. >> you know, that fog just does nasty stuff to our transmission. >> i know. hopefully we'll check back in with anne. >> you can't see it, you can barely see the lights because of the fog out there. brian hackney in for lawrence karnow this morning. >> we have dense fog around the bay area this mornin

negotiations this week to avoid the coming fiscal cliff. >>> a pilot from nevado and his passenger are recovering after making an emergency landing. >>> from across the bay to around the world, the stories that matter on eyewitness news this morning. >>> good monday morning everyone, november 26th. right after turkey day i'm frank mallicoat. >> and i'm michelle griego. time is 5:30. >> drivers be aware, if you're commuting this morning, a lot of heavy fog around the bay this morning. visibility is especially bad on major bridges. cbs5 reporter, anne makovec is on the embarcadero near the bay bridge with conditions. good morning. >> reporter: good morning very foggy at ground level. that is the bay bridge above me. you can't see it very well because of the fog. it is very heavy right now. you can just see the lights of the bay bridge. this is a warning really to all drivers. we took this video, about 40 minutes ago at the bay bridge toll plaza and you can see difficult for drivers right now. it's one of those situations where you're driving along and suddenly you hit that wall of fo

. >>> new this morning, congress continues to try to avoid the so-called fiscal cliff, new poll reveals what americans believe should be done. the poll finds that 60% of americans believe taxes should be raised on the wealth this however, the poll also found support is largely based along it logical lines, 73% of democrats approve, 63% independents in favor [ unintelligible ] >>> the woman who could be the next secretary of state is feeling the heat on capitol hill. ambassador rice will be back today trying to appease republican leaders. rice met privately with senators mccain, graham and ayott yesterday they say she misled the public. in the days following rice placed blame on an anti-muslim video the administration said it knew the attack was the work of terrorists. >> concerns i have are greater today than they were before. we are not even close to getting the basic answers. >> the focus on some might say, obsession on, comments made on sunday shows, seems to me, and to many, to be misplaced. >> president obama has not yet announced who he will nominate for secretary of state. >>> 6:18 in

you. congress and the president have just 40 days to avoid the so- called fiscal cliff. when the ball drops on new year's eve, tax hikes and severe spending cuts will kick in automatically unless a deal is reached. wyatt andrews spoke with two men who say they know how it should be done, if only washington would listen. >> reporter: two years ago, the fiscal commission chaired by democrat erskine bowles and former republican senator alan simpson proposed every basic element of the fiscal cliff solution being discussed now. their plan was a mixture of higher taxes, lower spending and the reform of medicare and social security. both men told us sacrifice has to come from everyone. >> all of us have to have some skin in the game to get it done. >> if you want something, pay for it. it's a sick idea, but it is an interesting idea. >> reporter: their biggest idea was to increase revenue by combining both the president's demand for higher taxes on the rich and the republican proposal to get rid of tax loopholes. bowles/simpson would eliminate almost every tax deduction for individuals and c

.s. financial experts say american consumers could spend $200 billion less due to the so-called fiscal cliff. the potential financial crunch involves automatic spends cuts coinciding with tax increases. it will occur at the end of this year unless opponents in congress find a compromise. the white house on monday released an estimate upon middle income earners. a family of four earning 50 to $80,000 will see taxes rise by over $2,000 a year. the increase will prompt shoppers to tighten pursestrings by $2 billion. members of the democratic and republican parties oppose an income tax rise for the middle class. democrats want the wealthy to pay more while the republicans ar against such a hike. the parties start talk this week. now let's get a check on the markets. taking a look at the currency market. the euro reached a one-month high of 1.3 against the dollar and that's after the news that the euro zone ministers reached an agreement on the greek bail out. euro dollar quoted at 17.2992. now turning to stocks. tokyo shares are up slightly as bargain hunters are buying back recent decliners. ni

that is going to affect your taxes in just 34 days. that is the so-called fiscal cliff: automatic tax increases and federal budget cuts that will be imposed unless president obama and congress can make a deal on budget reform. not even everyone in the president's own party is with him on this and nancy cordes is on capitol hill for us tonight. nancy? >> reporter: scott, a rift has opened up between the white house and liberal democrats over what should be on the table in these talks. some democrats even say they're willing to let all the bush tax cuts expire, at least temporarily, even if they don't get the deal they want. senator patti murray of washington state is one of them. she says negotiations should focus far more on raising tax revenue than cutting spending. republicans are calling democrats like you "thelma and louise" democrats because you've expressed a willingness to go off the fiscal cliff. >> i'm willing to take a very tough stand and say to those on the other side that we are not going to accept an unfair deal that hurts middle-class america today and protect the wealthiest amer

to talk about averting the tax hikes and budget cuts from the so-called fiscal cliff. the president met with small business owners yesterday to talk about the effect on their companies from taxes and other changes. and right now congress is stalled over finding a solution as democrats demand higher taxes for high wage earners while republicans want cuts to entitlement programs. >>> elsewhere on the hill, u.n. ambassador susan rice spent her day behind closed doors explaining statements she made back in september about those deadly attacks on the u.s. consulate in libya. her defense failed to convince her republican critics. nbc's tracie potts is on capitol hill with more on this. tracie, good morning to you. >> lynn, good morning. rice admitted that when she said the ambassador and three others who were killed were the result of spontaneous attacks, the information was partially wrong. as she has done before, in a statement after her meeting, she blamed it on bad intelligence information, talking points where references to al queda had been taken out according to sources and attacked ch

and budget cuts from the so-called fiscal cliff. the president met with small business owners on tuesday to talk about the effect on their companies from taxes and other charges. right now congress is stalled over finding a solution as democrats demand higher taxes for high wage earners while republicans want cuts to entitlement programs. and last night on hardball, former republican senator alan simpson gave his thoughts on the fiscal cliff and failure of lawmakers to reach an agreement. p. >> they love their party more than they love their country. how it we get to that point, don't ask me, but the whole business of reform and money in the campaign and beat up the guy, and it's not a case of who wins. it's you want to be sure somebody loses. and i say to people whether it's grover norquist or whatever, lord's sake, if you can't step up to the plate, what can happen to you? they can't murder you, they can't burn your house. the only thing they can do is defeat for you re-election by throwing some coo-coo from the left or right on you and if that means more than your country when it's ex

higher tax bills for 2013 if congress can't come up with a deficit reduction plan to replace the fiscal cliff. a family with a $40,000 to $65,000 in annual income would pay an average of $2,000 in additional taxes. >>> and if you don't want to sound smart, well -- >> that's easy. >> -- just quote what we're about to tell you. >> go over to louis. >> enough of the real sweet. let's go over to sweet boy lou, pretty boy lou, whatever you want to call him, at the water cooler. >> it's time to gather around the water cooler to check out how mitt romney spent his thanksgiving. >> that's what i want to know. i was just asking mika, i wonder. >> here he is smiling minus the dark suit. a little bedhead. they posted this photo on facebook with wife, ann, the morning after thanksgiving. he said i hope everyone had a great thanksgiving. on his facebook page, much to be thankful for this year. >> not for a lot of republicans, mitt. a lot of republicans aren't thankful right now. >> they look happy. >> things were a little less warm and cozy for joe biden for his annual trip to nantucket. he took an

migraine formula. >>> from fiscal cliff notes to going gangnam style. here are today's "toplines". >> president obama is getting serious about the economy. fiscal cliff notes. >> i'm optimistic question can continue to work together. >> it's like congress put a gun to the economy's head. >> i'm so tired of obama putting i gun to the head of the american people. >> and he swore they would pull the tryinger. >> and then republicans saying, oh, what are we going to do? >> they want a divorce from grover near quist. >> an excuse to go to mexico, i'm game. >> what do you mean by impure thoughts. >> the mexican standoff without any mexicans. >> i have job security. >> they can't murder you. they can't burn your house. >> some republicans are abandoning the antitax pledge as fast as they abandoned -- oh, what's his name. >> governor romney, only the two men will be in the room. >> is getting stoned now becoming more acceptable? >> kentucky bluegrass feather beds and northern cal -- >> you know me, every day, ten pound a day. >> you can play 36 holes on it in the afternoon, take it home

taxes pledge as congress tries to grapple with the looming fiscal cliff. this is republican senator saxby chambliss of georgia. he is saying he might not honor the anti-tax pledge he once made to conservative activist grover norquist. , the head of americans for tax reform. even if it means he gets a primary challenge in 2014. chambliss saying he cares more about the country than about a 20-year-old pledge. the majority of republicans in congress have signed the pledge. so what does it mean for the upcoming battle over the fiscal cliff? let's get it into with monica crowley, julie roginsky, both are fox news contribute us. so, monica, if there is a crack in republican opposition -- i'm sorry, i actually wanted to address this to julie. i'm looking at julie and saying your name. i'm sorry. >> that's okay. >> we look a lot alike. jon: i know you do, yeah. if there's a crack in republican opposition to new taxes, that's welcome to you as a good democrat? >> well, actually, i want to commend saxby channel writes. it's about time that somebody puts the country before washington, d.c. lob

, madam president. i yield the floor. mr. barrasso:man, i rise today to talk about the fiscal cliff that this country is facing and is coming upon us on january 1. as my colleagues have been pointing out, congress must act soon to take on the enormous expiring tax provisions in the sequester and i believe president obama needs to supply the leadership in those efforts. if he doesn't, we know that taxes are going to go up on all americans. we know that the economy is going to be thrown back into a recession, woondz w and we knowt unemployment will return to even higher rates than we have right now. our recovery from the last recession has been far too sluggish. we see that all across the country, and it's left too many americans still out of work. today our economy has created 9 million fewer jobs than we were promised under the president's own stimulus plan. our economy has rebounded far more slowly than it has following previous recessions. we simply cannot as a nation afford another recession right now. it would be especially tragic if there was a recession caused by a failure of

. >> this morning we'll ask amy klobuchar about the fiscal cliff and about the growing number of women in congress. but right now, dr. holly phillips says the old real estate mantra location, location, location may apply to your health. >> good morning today in health watch your neighborhood and your health. how you feel about your neighborhood can play a big role iryour physical health. a new study finds people who like their community or feel that it's improving have better physical health than those who don't like where they live or feel like it's getting worse. researchers polled more than 300,000 americans over the age of 18. people who said they were satisfied with their neighborhoods scored a 78 on a physical health index compared with 69 for those who were dissatisfied. people who felt like their neighborhood was improving scored a 79 on the health index compared to 70 for those who felt their community was getting worse. now the findings support a newly popular ecological finding of life. previous studies found people who feel safe walking outside in their neighborhoods have a 50% lower c

a looming deadline, lawmakers from both parties seem optimistic about diffusing the fiscal cliff time bomb. >> unfortunately, for the last ten days with the house and congress gone for the thanksgiving recess there hasn't been much progress made. tomorrow there's no excuse. we are back in town. >> reporter: democrats want to raise taxes on the wealthiest americans and republicans who once refused to raise taxes on anyone ever are signaling their willingens to compromise. >> when you are $16 trillion in debt the only pledge we should be making to each other is to avoid the coming grove and republicans, republicans should put revenue on the table. >> the world has changed and the economic situation is different. ronald reagan and tip o'neill realized that in t '80s. already if republicans have to raise tacks they want democrats to scale back spending on social programs. >> entitlement reform is the only way we will really get the debt and deficit under control and we have to take it on. >> reporter: without a compromise, devastating across the board spending cuts and tax increases threaten t

to us, our kids, and grandchildren. even though it's not part of a fiscal cliff discussion, we should create a commission that will report back to congress for a vote by the end of the next calendar year. now let's talk about the two toughest elements when it comes to entitlements, medicare and medicaid. medicare and medicaid in sure about one-third of all americans. it represents about 20% of our budget. it is a real challenge to us. one touchdown and amended, medicare is born to run out of money in 12 years. that's scary. we have so many americans, almost 15 million americans and the number is growing. yesterday in america, 10,000 people reached the age of 65. it happened again today. it's going to happen tomorrow. an it will happen every day for the next 18 years. these are people who paid in over a lifetime in the social security and medicare and fully expect the protection which they have invested in to be there. and it has to be there. so we need to take an honest look at medicare. i happen to believe the paul ryan approach was not the right approach to say the least. i thought

't going to be a major player in the fiscal cliff negotiations. he's not someone with a big constituency in congress, and a andrea, but the last presidential nominee and a guy that got 47.5% of the vote and lot letting it linger and reporters say, are you going to talk to mitt romney? smart of president obama to do, though, i think more symbolic than a practical impact. >> before the president campaigns for his budget priorities which are the higher taxes on the wealthy. >> to the tinker toys factory, i might add, too. my son will be thrilled to hear about that. >> montgomery county, pennsylvania. key swing district. let's talk, also, about something alan simpson said other things that was so interesting today. he said the president has committed and committed during the campaign to medicare reforms. and that those democrats who are saying, know, they're taking a vow against any of these changes in medicare for future beneficiaries, this is not what the president wants and the president is ready to deal. >> i would say, anandrea, this where focus on congressional democrats. this is a di

and gloom reports about the fiscal cliff, potential tax hikes on everyone, if congress does not act. of the people who were surveyed between november 9th and 13th, many of them said they do plan on spending more this year compared to last year. i have some interesting breakouts for you here, carol. more men said that they will spend more this year compared to last year than women. as far as age goes, the generation wires 18 through 24, they say that they, too, plan on spending more. remember, that group of people have had a tough time breaking into the workforce. still, though, they said they planned on spending more as well as latinos and blacks. they, too, say they plan on spending more. so why? that's the big question. why do some people say they plan on spending more this holiday season, simply because as far as the people in this survey, they felt as if their financial situation this year is better than it was last year. carol? >> that's simple. so where are people spending the most money? >> they break it down regionally. and it appears that of the people surveyed in this part

of tax increases and spending cuts known as the fiscal cliff will take effect in january unless congress can balance the budget. >>> time now, 7:49. police near seattle say a drunk driver ran over two holiday p shoppers last night at the a wal-mart. one o -- one of those victims was pinned beneath the suv. her injuries so severe she was air lifted to a trauma center. the driver a 71-year-old person was arrested on charges of vehicular assault. police say they did smell alcohol on his breath. >>> the black friday rush also got off to an ugly start in indianapolis. there was an angry rant and security was called in after an angry rant inside a kmart store last night. they were handed out $200 vouchers for plasma tvs and some of the shoppers began selling their vouchers to other people who did not wait in line. >> everybody started going crazy about it and cops got called in and it was a mad house. >> police did show up there and escorted the woman out of the store, but she was not arrested. >>> there's a way if you want to watch the world series champion san francisco giants that you can d

the president and congress over the extension of the george bush tax cuts, raging the debt limit and potential of automatic cuts in spending. necessity of resolving these issues is what ben bernanke refers to as a fiscal cliff. it is likely these critical decisions will be given brief extensions so that the next president and congress will be saddled with making the decisions. as a second term president, obama would face obstacles rarely experienced by achieved executive returning to office where he would face sizable numbers of members of the senate and house who will not compromise. these present ominous clouds on the horizon for a second term for obama. other lessons obama and the electorate can learn from the experience of presidential history might give guidance for the resolution of this concern. first, however, it would be helpful to review obama's background and customary evaluation of him. his opponents and some of his supporters asked does barack obama have the leadership skills, experience, cultural background and temperament to deserve a second term as president of the united state

the dangers of going over the fiscal cliff and what that means for our economy, that there's too much stubbornness in congress, that we can't even agree on giving middle-class families a tax cut, then middle-class families are all going to end up having a big tax hike. that's going to be a pretty rude shock for them, and i suspect will have a big impact on the holiday shopping season, which in turn will have an impact on business planning and hiring, and we can go back into a recession. >> sean: republicans hate big beared and santa claus. don't buy this hype, such as letting the bush cuts expire, are not the answer to tackling this deficit. in fact, during the 2012 fiscal year the federal government cost $9.7 billion to run each and every day, but the additional revenue from letting the bush tax cuts expire only amounts to around $82 billion a year, meaning the government would be funded for a whopping 8.5 days if in fact the president wins this fight. sadly the real reason we've reached this point is because our elected representatives simply have no idea how to stop spending your m

outgoing secretary of state hillary clinton. >>> more republicans say the looming "fiscal cliff" is forcing them to reconsider their no tax increase pledges. several members of congress now say they are open to raising revenue by limiting deductions for the wealthy. but not by raising their taxes. >> without compromising our principals, we recognize that none of us runs this town. >> today democratic senator dick durbin plans to lay out a proposal for a bipartisan group, the gang of 8, who have been working for a plan to reduce the national debt. if lawmakers don't pass a plan by december 31, tax hikes and budget cuts will kick in. >>> running the risk of autism. the link between pollution and pregnancy. >> plus some of the best child athletes in the country. the bay area kids who have a chance at the ultimate prize. >> but first, stranded at sea. how two men found themselves like this in a dangerous rescue after the break. when i take a picture of this check, it goes straight to the bank. oh. oh look the lion is out! no mommy no! don't worry honey, it only works on checks. deposit checks f

protesting spending cuts on the far side of the fiscal cliff and what that would mean for aids funding specifically, there was a nude awakening. aids protesters march iing into house speaker john boehner's office to give him the naked truth. boehner, boehner, don't be a sick. budget cuts will make us sick. the budget cuts are really rude, that's why we have to be so lewd. they were trying to lay bare the potential cuts for aids, the protests also served to put a naked spotlight on a major statement expected tomorrow from secretary of state hillary clinton. on the occasion of world aids day, secretary clinton is due to unveil an aids free generation. secretary clinton will make that announcement on thursday morning, but in advance of that renewed commitment to fighting aids, this group, which is known for memorable protests any way, found a way to be more memorable today. one of the groups involved in today's event tweeted, watch naked aids activists take over boehner's office at congress. that was their tweet that you could watch them and you really could. you can watch the live stream

of a difference here in improving the economy other than fix being the fiscal cliff problem? >> i mean, part of what jim seems to be saying is that the economy is on not exactly a glide path but sort of already stumbling its way toward what needs to happen. and i always felt covering the campaign that that was sort of the dirty secret of both candidates' rhetoric was that neither of them really had a concrete achievable or constructive policy plan to move forward. it was really just sort of sit on your hands and hope things get better. pete: all right. thank you all very much. thank you. that will have to wrap it up for tonight. where leaving a bit early because it's pledge week. we like to think of it as giving you a chance to support your local pbs station. which in turn supports us. so be sure to check out our webcast extra. where we talk more about hillary clinton's last overseas trip. alongside president obama and what her future might look like. that's at pbs.org/washingtonweek. i'm pete williams. gwen ifill will be back around the table next week. on "washington week." good night. >>

-- >> greta: he has a victory, but we still have a fiscal cliff problem. he may have his political victory, but we still have the problem. >> yeah, we do, but congress has a nasty habit of procrastination, and this is no exception. you need christmas, exhaustion to play a role here, where members are tired and want to go home to get christmas gifts for their families. i don't think you'll see a deal until after christmas. >> greta: they knew about this problem in august of 12. that'2011. that's a year and a half. are we doing our job in this matters to a lot of american people. >> yeah. >> and they designed the fiscal cliff to be this point that -- pivot point where people would negotiate up to it. i think what's interesting here, you know, there's an outside gain in politics and an inside gain. now you've got the president going out, playing the outside game, trying to bring pressure outside in, when this is going tto be settled inside. one by one, working with members of congress. if you've seen the movie "lincoln," that's exactly what he does in the new spielberg movie, he has to work i

the president and congress, don't go over the fiscal cliff? could those numbers change? could it be a better economic picture all around? >> yes, absolutely. because a lot of what's factored into the forecasts, not so much with the cliff but also with the other forecasts, is how they -- the consumer confidence effect. we've had consumer confidence numbers in the u.s. today, we've seen the numbers for the thanksgiving black friday and cybermonday. we're starting to see how things are projecting simply on the prospect of what might happen. yes, things could get better if they solve problems. i don't want to be the complete -- you must remember, no one's talking about solving the problems at moment. people are talking about preventing the worst from happening. there is a huge gap between one and the other. >> and tell us about obviously the fiscal cliff being the tax hikes and the spending cuts, how does greece factor into this as well? we see protests, how does that relate who-to-what's happening in the united states? >> greece slowly, surely, painfully, undeniably, inevitably, moving to the p

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